The Fed fueled inflation during WWI then a depression in 1920

 See ‘Shock Values’ Review: The Cost of Controlling Prices: Bold planners from Benjamin Franklin to FDR struggled with how to stabilize unruly market prices. They may have been asking the wrong question. by James Grant. Excerpt:

"Ms. Binder’s book hits its stride with the creation of the Federal Reserve in the Progressive Era and its subjugation, almost from the start, to the imperatives of financing the government in times of war. Suppressing interest rates and printing money, the Fed fostered a great inflation. Reversing course in 1920 and 1921, it seeded a deflationary depression."